Cayman Islands Considering FATCA Implementation

The Cayman Islands government continues to consider the issue whether the country will negotiate with the United States on signing the intergovernmental agreement on information exchange in accordance with the US's Foreign Account Tax Compliance Act (FATCA) to ease the compliance burden on local financial institutions.

The island's Premier McKeeva Bush says that the government is evaluating information and keeping discuss the options in order to make the best choice for the jurisdiction regarding a reporting arrangement. It looks like the country will prefer to sign the agreements developed in accordance with the Model 2 Intergovernmental Agreement (as Switzerland and Japan).